Acción Fiduciaria will have to pay $85 million to a family for a failed housing project in Bello
One of the 686 families who invested their resources in the Madera Fresca project, which was to be built in the La Gabriela neighborhood of Bello, will be able to recover the invested resources for an apartment whose building does not have a single brick.
TL;DR
- Acción Fiduciaria has been ordered to return $85.6 million pesos to a family for their investment in the Madera Fresca housing project, which has not been built.
- The Colombian Financial Superintendent found that Acción Fiduciaria failed in its legal and contractual duties, including allowing Acierto Inmobiliario to purchase the land with buyer's initial payments without consent.
- The fiduciary company also allowed funds to be disbursed before necessary legal requirements were fulfilled, and construction credits were allegedly paid with beneficiaries' interest before the project was in execution.
- The Madera Fresca project, planned for 686 families, has seen only land preparation and containment work, with a 15% completion rate four years after its 2022 deadline.
- This case highlights a broader issue of hundreds of real estate projects in Medellín and the Aburrá Valley left unbuilt, affecting numerous potential homeowners.